MOUNTAIN VIEW, Calif., Jan. 21, 2014 /PRNewswire/ -- Web conferencing vendors are looking to tap the significant opportunities created by the emergence of disruptive new services, mobility and social collaboration. The transition from audio-only communication to richer audio, web and video collaboration is urging market participants to offer web conferencing solutions that not only facilitate online meetings, but serve as social and collaborative platforms. Rising consumerization, the need for flexible work styles, and the rapid pace of technology change among businesses are further triggering the demand for web conferencing technologies.
New research from Frost & Sullivan, the Analysis of the Global Web Conferencing Market, finds the market earned revenue of $1.80 billion in 2012 and estimates this to reach $2.88 billion in 2017 at a compound annual growth rate of 9.8 percent. The demand for web conferencing is growing rapidly with several vendors reporting more than 25 to 30 percent increase in usage. The research covers hosted web conferencing services and on-premises web conferencing, including an executive summary, market overview, drivers and restraints, forecast and trends, market breakdowns, channel trends for communication service providers, market share and competitive analysis, and the analyst's last word.
For more information on this research, please email Britni Myers, Corporate Communications, at email@example.com.
"The integration of web conferencing with business applications that fit into the customer's existing workflows and enable quicker decision-making is giving a thrust to the market," said Frost & Sullivan Enterprise Communications and Collaboration Industry Director Roopam Jain. "Eventually, web conferencing will become a feature in business process and productivity software suites."
Although global demand is on the rise, revenue growth is under pressure due to greater market maturity and the declining revenue per license. The proliferation of freemium services and low-priced basic screen-sharing tools, as well as intense competition from cloud video conferencing services, is exerting further pressure on prices.
Another key pain point for current web conferencing solutions is that of 'disaggregated experiences' – the presence of multiple tools in multiple places, which limits users and predefines the way they should work. Bring your own app (BYOA) is leading to a proliferation of non-IT sanctioned applications, which force IT to evaluate user-led solutions in its decision-making process. Therefore, market participants are developing a new generation of collaboration solutions that address these challenges.
"Vendors are looking to differentiate themselves from the competition by moving away from a 'one-size-fits-all' approach to solutions that meet specific requirements and business processes," stated Jain. "They are also increasingly focusing on mobile delivery to ensure a borderless work experience that accommodates shifting work styles."
Analysis of the Global Web Conferencing Market is part of the Conferencing and Collaboration (http://www.conferencing.frost.com) Growth Partnership Service program. Frost & Sullivan's related research services include: North American Audio Conferencing Services Market, The Middle East Unified Communications Market, Analysis of the Global Enterprise Social Networking Market, and North American VoIP Access and SIP Trunking Services Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Web Conferencing Market
Corporate Communications – North America
SOURCE Frost & Sullivan